Exxaro Resources Limited – Group and company annual financial statements 2025

Group

Company

For the year ended 31 December

2025

%

2024

%

2025

%

2024

%

Tax as a percentage of profit before tax

19.5

19.1

0.5

0.1

Tax effect of:

– ECLs on financial assets at amortised cost1

(0.2)

(0.4)

– Expenses not deductible for tax purposes2

(1.9)

(1.5)

(0.1)

– Other deductible tax adjustments3

0.2

0.6

0.1

– Exempt income4

0.1

26.5

27.0

– Post-tax equity-accounted income

9.9

9.3

– Prior year tax adjustments5

0.2

(0.1)

0.1

0.3

– Deferred tax assets not recognised

(0.4)

(0.2)

– Re-instatement of deferred tax assets previously not recognised

0.3

– Remeasurements of foreign normal tax

0.3

– Dividend withholding tax

(0.2)

– Global minimum top-up tax

(0.1)

– Imputed income from controlled foreign companies and investments

(0.5)

(0.6)

Standard tax rate

27.0

Effective tax rate, excluding income from equity-accounted investments

30.8

29.1

1 Relates to ECLs on loans which do not qualify for doubtful debt allowances (section 11(j)).

2 Expenses not deductible for tax purposes:

(1.9)

(1.5)

(0.1)

– Consulting, legal and other professional fees

(0.9)

(0.1)

– Penalties and interest on taxes

(0.2)

– Distribution to beneficiaries of Exxaro ESOP Trust and expenditure incurred by Exxaro Aga Setshaba NPC
(tax exempt institutions)

(0.4)

(0.5)

– Expenses incurred relating to non-trading entities

(0.2)

(0.3)

– Other

(0.4)

3 Other deductible tax adjustments:

0.2

0.6

0.1

– Share-based payments

0.3

0.2

– Foreign tax credit

0.2

0.3

– Other

(0.1)

4 Group: mainly relates to income of tax exempt companies. Company: mainly relates to dividend income received.

5 Prior-year tax adjustments relate mostly to the recognition of a deferred tax asset on capital losses not recognised in the prior year. The deferred tax asset was utilised in the current year against the capital gain realised on the disposal of FerroAlloys.

	Group		Company

For the year ended 31 December	2025 %	2024 %	2025 %	2024 %
Tax as a percentage of profit before tax	19.5	19.1	0.5	0.1
Tax effect of:
– ECLs on financial assets at amortised cost1	(0.2)	(0.2)		(0.4)
– Expenses not deductible for tax purposes2	(1.9)	(1.5)	(0.1)	(0.1)
– Other deductible tax adjustments3	0.2	0.6		0.1
– Exempt income4	0.1	0.1	26.5	27.0
– Post-tax equity-accounted income	9.9	9.3
– Prior year tax adjustments5	0.2	(0.1)	0.1	0.3
– Deferred tax assets not recognised	(0.4)	(0.2)
– Re-instatement of deferred tax assets previously not recognised		0.3
– Remeasurements of foreign normal tax	0.3	0.3
– Dividend withholding tax	(0.2)
– Global minimum top-up tax		(0.1)
– Imputed income from controlled foreign companies and investments	(0.5)	(0.6)
Standard tax rate	27.0	27.0	27.0	27.0
Effective tax rate, excluding income from equity-accounted investments	30.8	29.1
1 Relates to ECLs on loans which do not qualify for doubtful debt allowances (section 11(j)).
2 Expenses not deductible for tax purposes:	(1.9)	(1.5)	(0.1)	(0.1)
– Consulting, legal and other professional fees	(0.9)	(0.1)	(0.1)	(0.1)
– Penalties and interest on taxes		(0.2)
– Distribution to beneficiaries of Exxaro ESOP Trust and expenditure incurred by Exxaro Aga Setshaba NPC (tax exempt institutions)	(0.4)	(0.5)
– Expenses incurred relating to non-trading entities	(0.2)	(0.3)
– Other	(0.4)	(0.4)
3 Other deductible tax adjustments:	0.2	0.6		0.1
– Share-based payments		0.3		0.2
– Foreign tax credit	0.2	0.3
– Other				(0.1)
4 Group: mainly relates to income of tax exempt companies. Company: mainly relates to dividend income received.
5 Prior-year tax adjustments relate mostly to the recognition of a deferred tax asset on capital losses not recognised in the prior year. The deferred tax asset was utilised in the current year against the capital gain realised on the disposal of FerroAlloys.

Chapter 7: Taxation